Toyota, the world’s largest car manufacturer, fell 4 percent at the opening of the Tokyo Stock Exchange on Thursday.
Honda, which generates more than half of its revenue from North America, dropped about 3 percent. Nissan, at the same time, fell by 3.5 percent, while Mazda plunged by more than 5 percent.
Japan is now considering ”appropriate measures” in response to Trump’s announcement of hefty import tariffs on cars, Prime Minister Shigeru Ishiba announced.
”Of course, we will consider all options,” he told the country’s parliament.
Cars and car parts are Japan’s main exports to the US, and the tariffs raise concerns about the impacts on the broader economy.
Trump’s new car tariffs are set to take effect on April 2 and apply not only to assembled cars but also to key car parts such as engines, gearboxes, and electrical components used in vehicles, according to the White House.
